updated 05:10 am EST, Mon February 10, 2014

Draft IPO from sports camera producer remains confidential

Action camera manufacturer GoPro has filed plans for an initial public offering (IPO) with the Securities and Exchanges Commission, the company has revealed. The confidential submission on Friday, accompanied by a short press release announcing it, is one of the first major steps for the company to shift from being a privately-held business and into a publicly-held version.

The confidential nature of the filing makes it difficult to suggest how much the company plans to raise under the IPO until the SEC completes its review of the documents. At the end of 2012, the company received an investment of $200 million for an 8.88-percent stake from Foxconn, something that gave GoPro a valuation of $2.25 billion at the time. TechCrunchnotes the company pulled in over $500 million in revenue for the entirety of 2012, and with over $100 million for last January alone, it is suggested GoPro could reach the $1 billion revenue milestone for the full year of 2013. The increase in sales could suggest a far higher valuation once the IPO actually takes place.

GoPro Hero 3+

GoPro's most recent release was an updated version of its Hero3 camera. The Hero3+ was 20 percent smaller and lighter than the earlier model, boasted 30 percent more battery life, an increase in the number of camera modes, improved lens arrangements, and faster Wi-Fi connectivity.